37 slides from Fiera Capital Corporation Class A's earnings presentation, May 9, 2025
Slide 1: Q1 2025 Results
a FIERACAPITAL May 9, 2025 Q1 2025 Results
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements relating to future events or, future performance and reflecting management’s expectations or beliefs regarding future events including, without limitation, business and economic conditions, outlook and trends, Fiera Cap
Slide 3: Conference Call Participants
Conference Call Participants Jean-Guy Desjardins Chair of the Board and Global Chief Executive Officer Lucas Pontillo Executive Director and Global Chief Financial Officer 3
Slide 4: Topics for Discussion
Topics for Discussion Q1 2025 Highlights Commercial Performance Investment Performance Private Markets Public Markets Financial Performance 4
Slide 5: Q1 2025 Highlights
Q1 2025 Highlights AUM in Q1 2025 decreased $5.5B quarter-over-quarter AUM – $161.6B Private Markets AUM of $21.1B $1.4B, including $0.9B from acquisition of a controlling interest in a UK real estate investment platform and net organic growth of $120M March 31, 2025 Public Markets AUM of $140
Slide 6: AUM Overview – Q1 2025
AUM Overview – Q1 2025 AUM down $5.5B or 3.3% QoQ ($B) Public Markets Private Markets Driven by outflows from AUM 167.1 1.5 sub-advised by PineStone of 0.9 161.6 19.7 $7.0B, of which $5.7B were (0.3) (0.6) (7.0) (0.0) 21.1 previously announced and transferred directly to PineStone 147.4 160.6 140.
Slide 7: AUM Flows by Platform – Q1 2025
AUM Flows by Platform – Q1 2025 Public Markets ($B) Public Markets excluding PineStone1 ($B) 147.4 1.0 140.4 103.4 1.0 0.3 104.1 (0.3) (0.3) (7.0) (0.4) (0.3) (0.3) 31-Dec-24 New Lost Net PineStone Market and 31-Mar-25 31-Dec-24 New Lost Net Market and 31-Mar-25 Contributions Net Flows¹ Other² Contr
Slide 8: AUM Flows by Geography – Q1 2025
AUM Flows by Geography – Q1 2025 Canada ($B) Public Markets Private Markets United States ($B) Public Markets Private Markets 111.9 0.7 37.4 0.6 36.0 1.0 107.0 1.9 2.0 13.7 (5.8) 13.9 (0.2) (0.6) (1.2) (0.8) 98.2 35.5 34.0 93.1 31-Dec-24 New Lost Net Market and 31-Mar-25 31-Dec-24 New Lost Net Marke
Slide 9: Commercial Highlights: Institutional and Financial Intermediaries
Commercial Highlights AUM Flows Base Management Fees3 In C$ billions In C$ millions Public Markets Private Markets 6.8 0.9 91.8 86.8 3.2 82.8 79.2 79.8 81.2 80.8 82.9 78.5 77.3 13.8 (2.2) 15.9 (3.8) Institutional 26.9 28.2 27.6 29.4 30.1 30.7 28.3 27.7 90.9 73.0 76.0 55.9 50.9 50.2 52.2 49.6 51.8 50
Slide 10: Commercial Highlights – cont'd: Private Wealth
Commercial Highlights – cont’d AUM Flows Base Management Fees In C$ billions Public Markets Private Markets In C$ millions 26.2 27.4 27.2 27.3 27.6 27.4 27.5 25.7 Private Wealth 14.3 1.0 0.8 14.2 3.2 (0.6) 13.6 13.4 13.6 13.5 13.6 13.4 (1.3) 3.1 13.5 13.2 11.1 11.1 12.2 13.0 13.8 13.7 13.7 14.0 13.8
Slide 11: Private Markets – Continuous Growth Trend
Private Markets – Continuous Growth Trend AUM1 ($B) LTM Total Revenues ($M) 12% CAGR 17% CAGR 21.1 240.0 233.2 18.7 18.9 1.0 16.9 0.6 0.9 2.8 206.4 1.9 2.3 189.0 13.6 0.4 0.3 3.9 4.4 3.6 1.2 3.8 0.8 127.1 2.7 4.7 5.5 5.6 5.2 4.5 6.7 6.7 8.2 5.4 6.1 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 3
Slide 12: Investment Performance – Private Markets
Investment Performance – Private Markets1 Return Gross IRR Q1 2025 1-Year Select Private Markets Investment Strategies Since Since Absolute Absolute 2 3 4 4 Inception Inception Return Return Real Estate Fiera Real Estate CORE Fund L.P. 8.30% - 1.62% 7.61% Fiera Real Estate Small Cap Industrial Fund
Slide 13: Investment Performance – Public Markets
Investment Performance – Public Markets1 Q1 2025 1-year 3-year 5-year Key Public Markets Investment Strategies Returns Value Added Returns Value Added Returns Value Added Returns Value Added Large Cap Equity Atlas Global Companies (1.39%) 0.33% 2.04% (11.80%) 7.12% (5.67%) 12.73% (3.65%) Global Equi
Slide 14: Percentage of Public Markets Assets Outperforming
Percentage of Public Markets Assets Outperforming at Quarter-End Fixed Income One Year Three Years Five Years 92% 94% 95% 95% 95% 94% 97% 97% 96% 97% 94% 80% 84% 80% 83% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Equity One
Slide 15: Total Revenues
Total Revenues ($M) 211.0 184.0 159.8 168.1 164.8 171.7 162.9 157.1 158.7 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Base Management Fees 147.4 149.8 147.6 147.4 151.5 149.3 154.4 156.7 154.5 Commitment and Transaction Fees 2.9 5.9 2.5 7.5 1.3 4.3 3.6 7.0 2.4 Performance
Slide 16: Public Markets Revenues
Public Markets Revenues ($M) 136.3 110.3 111.4 116.0 108.7 108.8 106.7 108.2 106.7 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Base Management Fees 106.4 106.8 103.0 102.2 106.1 103.5 106.9 107.7 105.1 Performance Fees 0.8 0.4 1.4 31.8 0.7 0.9 0.9 5.5 ̶ Other Revenues1 1.
Slide 17: Private Markets Revenues
Private Markets Revenues ($M) 74.0 67.8 57.3 56.0 60.0 56.2 48.1 50.7 51.2 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Base Management Fees 41.0 43.0 44.6 45.2 45.5 45.9 47.5 49.1 49.4 Commitment and Transaction Fees 2.9 5.9 2.5 7.5 1.3 4.3 3.6 7.0 2.4 Performance Fees 3.
Slide 18: Selling, General and Administrative Expenses
Selling, General and Administrative Expenses (“SG&A”) QoQ ($M) SG&A excl. SBC Total Revenues Q1 2025 SG&A excluding share-based compensation 184.0 162.9 (“SBC”) decreased 9% from Q4 2024 due to lower 130.6 119.5 employee compensation and lower sub-advisory fees 11% related to lower performance f
Slide 19: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA1 and Adjusted EBITDA Margin1 Quarterly 36.8% 100 37% 30.1% 29.0% 28.4% 27.7% 77.6 27.5% 32% 80 27.0% 26.6% 24.7% 27% 60 51.7 53.4 45.5 43.9 45.4 45.3 43.4 22% 38.8 40 17% 12% 20 7% 0 2% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 (20) -3% Adjusted EBITDA¹
Slide 20: Net Earnings & Adjusted Net Earnings
Net Earnings1 & Adjusted Net Earnings1,2 50.2 39.4 28.7 26.1 28.9 23.5 23.7 24.9 22.8 25.4 21.8 10.5 11.1 12.6 7.6 4.9 (2.5) (0.2) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net earnings (loss)¹ ($M) Adjusted net earnings¹ ² ($M) Reconciliation of Q1 2025 Adjusted Net Ea
Slide 21: Per Share Metrics
Per Share Metrics ($ per share) 2.01 2.06 1.98 1.99 1.78 1.83 1.80 1.77 1.74 1.21 1.22 1.17 1.22 1.09 1.06 1.05 0.96 0.95 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.64 0.59 0.61 0.56 0.37 0.18 0.18 0.20 0.23 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 LTM EPS LTM divi
Slide 22: LTM Free Cash Flow
LTM Free Cash Flow LTM Free Cash Flow1 Relative to LTM Dividends Paid ($M) 121 LTM Free Cash Flow1 of 98 95 $87M flat from the prior 88 88 89 89 89 90 91 91 91 91 87 87 quarter 72 Decrease reflects lower 68 taxes and lower prepaids, offset by 45 higher dividends paid to non-controlling interests
Slide 23: Financial Leverage Ratios
Financial Leverage Ratios Total Debt vs. Net Debt1,5 ($M) Funded Debt2 ($M) 693 699 739 670 685 687 589 528 549 552 555 483 656 669 655 651 703 604 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 Net Debt1,5 Cash & Cash Equivale
Slide 24: Progress on Our Strategy in 2025
Progress on Our Strategy in 2025 Private Markets AUM growth of 7% in Q1, largely due to acquisition of controlling interest in a UK real estate investment platform New subscriptions of ~$500M in Q1 Growing Private Markets ~$500M capital deployed in Q1 Committed, undeployed capital of $1.5B, up fro
Slide 25: APPENDIX Who We Are
< FIERACAPITAL APPENDIX Who We Are
Slide 26: Fiera Capital Statement of Purpose
Fiera Capital Statement of Purpose World-class portfolio of high conviction, sophisticated investment capabilities: We are committed to delivering investment excellence across our range of public and private market strategies, which are underpinned by independence of perspective, disciplined process
Slide 27: Progressing our Mission and Purpose
Progressing our Mission and Purpose “We are passionate about creating innovative investment solutions by being efficient allocators of capital with the objective of fostering sustainable prosperity for all our stakeholders.” EFFICIENT CAPITAL ALLOCATOR Solutions Sustainability Solving for specific n
Slide 28: What Being an Efficient Allocator of Capital Means for Fiera Capital
What Being an Efficient Allocator of Capital Means for Fiera Capital We allocate capital efficiently … … To construct optimized portfolios to deliver on client outcomes. 1 Our focus is on delivering the specific risk/return outcome the client needs with the highest probability of success. … To offer
Slide 29: Fiera Capital: A Values-Driven, Leading Independent Asset Manager
Fiera Capital A Values-Driven, Leading Independent Asset Manager FOUNDED 2003 ASSET MANAGER RANKING (by Total Assets) AUM C$161.6 billion1 SYMBOL (TSX) FSZ.TO 4th 68th 166th MARKET CAP C$661 million2 Canada3 North America4 Global4 Leading independent asset management firm with a growing global prese
Slide 30: Growing our Portfolio Through a Competitive Investment Offering
Growing our Portfolio Through a Competitive Investment Offering AUM ($B) LTM Revenues ($M) 2.7% CAGR1 4.3% CAGR1 159.5 161.6 676 683 1 141.81 55511 31-Mar-20 31-Mar-25 31-Mar-20 31-Mar-25 1 Excludes dispositions. The Company's strategic activity during fiscal 2020 and fiscal 2021 included various di
Slide 31: AUM by Segments
AUM by Segments AUM as at March 31, 2025 – $161.6B By Geography By Distribution Channel By Asset Class1 Canada 66% Institutional 57% Equity 44% U.S. 22% Financial Intermediaries 34% Fixed Income 41% EMEA 9% Private Wealth 9% Private Markets 13% Asia 2% Liquid Alts & Other2 2% Totals may not reconcil
Slide 32: Revenue Diversification
Revenue Diversification Q1 2025 Total Revenues – $162.9M By Geography By Distribution Channel By Asset Class2 Canada 62% Institutional 52% Equity 52% U.S. 21% Financial Intermediaries 28% Fixed Income 14% EMEA 14% Private Wealth 17% Private Markets 33% Asia 3% Other1 4% Liquid Alts & Other 1% Totals
Slide 33: Expanding our Global Footprint
Expanding our Global Footprint 858 employees INCLUDING 224 INVESTMENT PROFESSIONALS Calgary Halifax London The Hague Toronto Montreal Frankfurt Dayton Boston Zurich New York Hong Kong Abu Dhabi Singapore As at March 31, 2025 33 33
Slide 34: Our Sustainable Investing Journey & Commitments
Our Sustainable Investing Journey & Commitments We actively contribute and collaborate to further promote the advancement of sustainability As at March 31, 2025 All rights to the trademarks, brands and/or logos listed herein belong to the respective owners. Fiera Capital Corporation and its subsidia
Slide 35: Breadth of Innovative Investment Solutions
Breadth of Innovative Investment Solutions ASSET ALLOCATION BALANCED MANDATES OVERLAY STRATEGIES ADVISORY Public Markets1 Private Markets Canadian Equities $8.2B Real Estate $71.7B2 Foreign Equities Emerging & Frontier Equities $4.7B Private Credit Treasury & Money Market $140.4B Canadian Fixed Inco
Slide 36: Important Disclosures
Important Disclosures Fiera Capital Corporation is a global asset management firm with affiliates in various jurisdictions (collectively, “Fiera Capital”). The information and opinions expressed herein are provided for informational purposes only. It is subject to change and should not be relied upo
Slide 37: Thank You
Thank You Investor Relations contact: Marie-France Guay Senior Vice President, Treasury and Investor Relations mguay@fieracapital.com T 514 294-5878